Aside from it being a psychological number, we have multiple moves setting up in that area, some Fibonacci extensions, and most importantly, looking left we’ve got structure leaving clues.
As discussed in yesterday’s live session, the question just isn’t “where will we go?” but “how will we get there?” And this offers yet another trend continuation (TCT) opportunity if the market were to retrace in anticipation on that 1.1200 level being hit. Of course counter trend ( CT ) traders, this makes no difference to you as you’re only waiting for the next structure level.
We’ve got the Jackson Hole Symposium going on today which may provide some movement along with Pre-GDP and our normal Thursday Unemployment Claims out at 8:30am & Pending Home Sales at 10:00am. I don’t even try to pretend that I can predict the outcome of these events, but keep those in mind while trading today. We’ll be keeping an eye out for this one in our live trading room today along with potential trades on the GBPUSD , EURJPY , GBPJPY & USDCAD which are all high on my radar.
Also it’s THURSDAY so make sure you check out my Youtube page later for my weekly Forex Trading Video https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
Have a great day of trading gang!
Chief Currency Analysis at Trade Empowered
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